SVS Securities - shut down?

My2penneth

I reckon that all our transfer requests are sitting in mail sacks, unopened, in ITI's office.

shawdon

shawdon said:

I also just coincidentally saw these 5* reviews on google and nearly fell off my chair in amazement. Of course they are not genuine and apart from reporting them to the authorities the best remedy is for each of us 20,000 disgruntled ex SVS clients to post our own 1 star review to make the reporting a little more accurate (not that i am telling anyone what review score to give of course!)

Here is a more accurate review of ITI, i hope others are able to support this view;
" ITI have mishandled the transfer from SVS very badly with very poor communication, inaccurate data on their website, misleading and contradictory information and a total disrespect for the 20,000 ex SVS clients who have been through a very difficult journey over the last 12 months. Be very wary of this business who are not fit to handle clients assets and the FCA need to urgently investigate them to ensure more investors do not suffer."

olderbutnowiser

Nbs222 said:

I seem to have received all expected dividends up to 07-aug-20 except VOD.

Were any of those dividends paid directly to ITI AFTER 23 July? I suspect that for many of us, VOD was the first dividend that ITI were directly responsible for and, surprise, surprise, it isn't showing.

masonic

rugby7170 said:

So if you transfer to another broker are your share stuck during the transfer, ie you can't trade ?

You can trade in your account with your new provider, but you should not trade anything that is still in the process of being transferred.

masonic

My2penneth said:

Snapshot of the ITI Review screen.  How can they be impressed with it's functionality..they don't have access to it for one thing.
Standards of service? Clearly everyone on this forum is "just unlucky" when they come to call the hotline number.
It has been much smoother .... seriously?
These are complete fabrications !!

Perhaps these are from some of the Forex traders. I bet their experience has been different than the XO clients.

Nbs222

I had "talk talk" dividend that was paid out on 07-aug-20 , and shows as separate  GBP  amount 

I am assuming any dividends received directly by ITI will show separately from the cash & dividends transferred from SVS before and after 23rd July.

olderbutnowiser

Nbs222 said:

I had "talk talk" dividend that was paid out on 07-aug-20 , and shows as separate  GBP  amount 

I am assuming any dividends received directly by ITI will show separately from the cash & dividends transferred from SVS before and after 23rd July.

Thanks @Nbs222 that is encouraging. My second dividend after VOD is APF which was only due on 14 August, so time for it to show.

Just realised that the ITI website is not timing out quickly as is used to.

rnf11

I have just noticed that a dividend paid right at the end of July has now been added to my initial (as transferred by LC) ITIC ISA cash balance. It didn't show on the latest LC dividend statement (only dividend receipts up to 19.6.20 are shown there).

No indication as to whether it was paid to LC after transfer and passed on, or was actually picked up by ITIC directly.

I should add that this is showing on the original initial ITIC page, above the "red bar"".

Nbs222

There is no indication whether one is from SVS or not  , but I have two GBP amounts , and the second amount  appeared after the dividend due date , so my assumption is that  they are keeping them separate . i.e.  the cash transferred from SVS and the dividends they receive directly.

As for VOD dividends I believe the registrar  for VOD are outside UK , so maybe it's taking longer to transfer registration  to ITI .

Jools2001

Seems all our negative reviews, have resulted in an e mail from Shiti!
 Lets see if they finally get their !!!!!! in gear,and get my transfer outs sorted within next  7 Days!!

More chance of finding a cure for covid, if you ask me!!!

We recognise a number of clients have not been able to reach us and our responses back to your emails are taking longer than normal. We apologise for the technical issues you are facing and the delays in communication. To address this, we are continuously adding support staff to answer your calls and emails.
 
We are currently prioritising our work efforts to ensure all customers are well informed of the SVS migration process. Throughout the past few weeks, we have been collecting feedback from the communications received from all clients. Based on this, we thought it would be useful to create the following FAQ which we will continually update with common client queries.
 
https://iticapital.com/faq
 
If you are having issues with regard to the onboarding or withdrawal process, please review our guide available here:
https://iticapital.com/assets/pdf/ITI-Customer-Portal-User-Guide-V1.0-upd.pdf
 
Due to our initial delays and any inconvenience caused, ITI are also extending the free transfer period to the 23rd of February 2021, where you can transfer your assets to another broker without any transfer charges.
 
We would like to provide you with a further update on the progress we have been making against the various issues being identified by customers and the remediation plan for each of these issues.
 
Other than the FX clients of SVS and Discretionary Clients, all clients of SVS should now have the email to begin the registration process. We anticipate FX clients to begin receiving their registration credentials the week commencing 23rd of August 2020 and the Discretionary Clients, the week of 1st September 2020.
 
Clients who used their email addresses to manage other family member accounts, not in their own name and those clients who registered with an email address for an ITI Capital account before the migration, should now also have received emails with registration details for the other accounts. 
 
There are a small number of clients who had invalid email addresses or no email addresses on file. For these clients, we will be sending their login credentials by post or contacting them by Telephone.
 
There are a few client complaining about not being able to login to the client portal with the credentials provided. We have found that if clients use the Username provided rather than the email address, this addresses the issue. Nonetheless, our Compliance team are dealing with all complaints and each complaint is being dealt with and you will receive a separate communication on this.     
 
We have included a detailed user manual and FAQ document with this update that provides a step by step guide on the client registration and asset migration process.
 
Assets on to the Trading Platform (Phoenix)  – this is separate exercise for our operational team -   the line by line reconciliation of the assets on to the trading platform is in progress for those customers who have successfully passed account verification, they should start seeing their assets migrated on to the trading platform within this week.
 
There are a number of clients who have begun the client application process and have not been able to  complete the electronic document verification process. We will be getting in touch with these clients next week where we will enable these clients to submit their ID verification documents by email. If you are one of these clients, please do not submit these documents until you receive an email from us.
 
We appreciate your patience and would like to assure you, that we have put in measures to address all outstanding issues clients are facing. We also expect to provide frequent communications via our website and emails to those groups of clients directly impacted by certain issues. 
 
We would like to thank you for your patience and we look forward to serving you as a customer of ITI Capital.